The Impact of Green Finance and Cultural Preservation on Sustainable Development in Vietnam

Abstract : This paper evaluates the impact of Green Finance (GF) and Cultural Preservation (CP) on Sustainable Development (SD) in Vietnam, while examining the mediating role of Cultural Preservation and the moderating role of Community Awareness/Supportive Policies (MO). Utilizing a quantitative research design with a empirical survey sample of residents, enterprises, and local authorities across key heritage and ecotourism regions, the analysis was executed through a multi-stage statistical pipeline: Cronbach’s Alpha reliability analysis, Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA), and Structural Equation Modeling (SEM). The empirical findings reveal that both Green Finance and Cultural Preservation exert significant direct positive effects on Sustainable Development. Crucially, Cultural Preservation acts as a vital partial mediator, transforming green financial capital into sustainable economic, environmental, and social values. Based on these insights, managerial implications and policy recommendations are proposed to promote green financial mechanisms intrinsically linked to cultural heritage preservation in Vietnam.